SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 9, 1999
RESORT INCOME INVESTORS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-10084 36-3593298
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(State of or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
150 South Wacker Drive, Suite 2900,
Chicago, Illinois 60606
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 683-3323
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(Former name or address, if changed since last report)
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Press Release of the Company dated March 9, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
RESORT INCOME INVESTORS, INC.
(Registrant)
DATE: March 9, 1999 By: /s/ John R. Young
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Name: John R. Young
Title: Chairman of the Board of
Directors, Chief Executive
Officer, President and
Chief Financial Officer
EXHIBIT 99.1
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RESORT INCOME INVESTORS, INC.
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FOR IMMEDIATE RELEASE
CONTACT: Karen Dickelman
TELEPHONE: (312) 683-3323
FAX: (312) 683-3324
RESORT INCOME INVESTORS, INC.
LIQUIDATING DISTRIBUTION TO STOCKHOLDERS
Chicago, Illinois, March 9, 1999 - Resort Income Investors, Inc.
(NASDAQ EBB: RIIV) announced today that its board of directors declared
March 19, 1999 as the record date for the liquidation distribution to its
stockholders. The Company's transfer agent, First City Transfer Company,
will send all stockholders of record as of March 19, 1999 information on
how they may obtain cash in exchange for their stock certificates. First
City Transfer Company will be authorized to distribute checks as early as
March 30, 1999 to those stockholders who have tendered their stock
certificates to First City Transfer Company. The Company anticipates that
the liquidation distribution will be between $.57 and $.62 per share to
Company stockholders as of the record date. The Company will retain
sufficient cash to satisfy its remaining liabilities. The Company does not
anticipate that sufficient assets in excess of its liabilities will be
available to make any further distributions to the stockholders.
The Company recently sold its two 12% pay-in-kind notes, each issued
by Colorado Gaming and Entertainment Co., Inc., and its interest in the
Christopher B. Hemmeter bankruptcy, for the par value of the notes, plus
the accrued interest thereon, resulting in proceeds of approximately
$650,000. Thus, all of the Company's assets have been successfully
converted into cash or cash equivalents.
<PAGE>
In addition, the Company has reached a settlement in the outstanding
litigation pending against it in the Civil District Court for the parish of
New Orleans, in the State of Louisiana, entitled THE CITY OF NEW ORLEANS
AND ERNEST N. MORIAL NEW ORLEANS EXHIBITION AUTHORITY HALL V. MICHAEL P.
MCCROSSEN, CANADIAN PAVILION LIMITED PARTNERSHIP, RESORT INCOME INVESTORS,
INC., Case No. 96-7050. The settlement agreement is being documented. It
is anticipated the settlement documents will be executed in the next few
days. The Company settled the lawsuit within the litigation reserve amount
established by the Delaware Court of Chancery in the Company's liquidation
proceedings before the Court.
For information on the Company's financial status and balance sheet
information, stockholders should refer to the documents filed by it with
the Securities and Exchange Commission, copies of which are available upon
request to the Company's Investor Relations Department.
The Company's shares of common stock will remain listed on the NASDAQ
Electronic Bulletin Board under the symbol "RIIV" until March 19, 1999.
The Company has 4,156,000 shares outstanding.
SOME OF THE STATEMENTS IN THIS PRESS RELEASE ARE FORWARD-LOOKING
STATEMENTS THAT ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, AND ACTUAL RESULTS COULD
BE AFFECTED BY MANY FACTORS, INCLUDING THE MARKET FOR THE ASSETS HELD BY
THE COMPANY, THE ASSESSMENT OF LIQUIDATION EXPENSES, AND THE CONTINUATION
OF REASONABLY STABLE CONDITIONS DURING THE ENTIRE LIQUIDATION PERIOD.
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